If Manny Pacquaio agrees to face Miguel Cotto in a rematch beyond the weight limit of 147 as previously set by his trainer Freddie Roach, the search for Pacquaio's next opponent should be over within the week and a fight announcement by Pacquiao's promoter Bob Arum would be forthcoming.

News of the impending Pacquiao vs. Cotto rematch has become a hot topic of the day after Pacquaio rejected Floyd Mayweather's earlier offer for a May 5 showdown at the MGM Grand Garden Arena in Las Vegas, Nevada.

Pacquiao's lovely wife Jinkee said over the weekend her husband picked Cotto from the shortlist Arum submitted during his visit to Manila last week.

Arum has reportedly been informed by Pacquiao that he chose Cotto from among the challengers contained in his shortlist which include Juan Manuel Marquez, Timothy Bradley, Lamont Peterson and Miguel Cotto.

Marquez and Peterson were earlier reported to be negotiating for a fight early this year while Bradley was reportedly eyeing another fight before joining the Pacquiao sweepstakes.

In order to land another lucrative fight with Pacquiao, Cotto has to come down from 154 to 147. The Puerto Rican boxing idol has been fighting at 154 during the past two years.

In 2009, Pacquiao and Cotto fought in a bloody showdown which ended in a TKO victory for Pacquiao at the MGM Grand Garden Arena in Las Vegas, Nev.

Since his devastating loss to Pacquiao in 2009, Cotto has fought Yuri Foreman, Ricardo Mayorga and Antonio Margarito with each fight ending in TKO in favor of Cotto.

Fight fans say Cotto deserves a rematch with Pacquiao on account of the Puerto Rican's impressive victories against rated opponents since they fought in November 2009.

Arum is reportedly meeting with Cotto's handlers this week to see if the purse and weight issues can be resolved.

It is possible Cotto would bow down to Pacquiao's desired weight in exchange for a substantial guaranteed purse, which could be the biggest in his professional boxing career.